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HSBC to pay 40m Swiss francs in Geneva money laundering probe

Thursday, June 4, 2015 - 21:15

HSBC said on Thursday it had agreed to pay Geneva authorities 40 million Swiss francs (S$57.54 million) to settle an investigation into allegations of aggravated money laundering at its Swiss private bank.

PHOTO: AFP

[ZURICH] HSBC said on Thursday it had agreed to pay Geneva authorities 40 million Swiss francs (S$57.54 million) to settle an investigation into allegations of aggravated money laundering at its Swiss private bank.

The bank said in a statement that the payment was compensation to local authorities for past organizational failings and that no criminal charges would be filed.

In February, Geneva's public prosecutor searched HSBC's lakeside Swiss office as part of its probe.